The 2023 ABA Derivatives and Futures Law Committee Mid-Year Program featured an informative panel discussion on the Voluntary Carbon Markets. Moderated by Ian Cuillerier from White & Case LLP, the panel explored the current state of voluntary carbon markets, its secondary markets, the role of regulation and oversight, and the future prospects of these markets. The panelists included Alessandro Cocco from the Federal Reserve Bank of Chicago, De’Ana Dow from Capitol Counsel, LLC, Robin Rix from Verra, and Ferdisha Snagg from Cleary Gottlieb Steen & Hamilton LLP. The panel discussed the current state of voluntary carbon markets and highlighted the importance of scaling these markets to achieve net-zero goals. Trends and growth patterns and challenges in the market, as well as the impact of fragmentation, were examined. The issue of transparency and the potential role of technology in facilitating transactions and verification processes were also addressed. Regarding the role of regulation and oversight, the panel discussed regulatory developments in the UK/EU, the secondary markets, the roles of the Federal Reserve Bank and the CFTC, and the potential for robust oversight. The importance of policy choices in shaping the market structure and their impact on the future of voluntary carbon trading were discussed. Finally, the panel pondered how the voluntary carbon market could effectively reduce pollution and identified tangible next steps that should be taken to ensure the market's effectiveness in reducing pollution.